NEW YORK — India-based micro-irrigation firm Jain Irrigation Systems is the sole company from the country named in Fortune magazine’s inaugural “Change the World” list of companies making significant progress in addressing major social problems as a part of their core business strategy.
Jain Irrigation ranks seventh on the list of 50 companies on Fortune’s new “Change the World” list that has been topped by UK-based Vodafone and Kenyan telecom Safaricom and includes Bangladesh-based Grameen Bank and Afghan telecom company Roshan.
The list also includes global giants Google, Facebook, Toyota, Walmart, Novartis, Alibaba, IBM, Starbucks, Ikea, Nike, and MasterCard, led by Indian American CEO Ajay Banga.
# 7 India based Jain Irrigation
In its profile of Jain Irrigation, Fortune said the company, headed by Anil Bhavarlal Jain, has built its business by improving the livelihoods of five million small farmers in India.
“Jain continues to boost both in other ways as well: It has introduced more viable crop varieties and trained farmers on more productive growing techniques, such as high-density planting for mangoes,” Fortune said.
The company, the world’s second-largest seller of drip-irrigation systems with revenues of $990 million, now does business in 116 countries.
#12 Bangladesh based Grameen Bank
On Grameen Bank founded by Muhammad Yunus, Fortune said the bank has demonstrated that “microcredit” could be self-sustaining and even profitable.
Grameen has loaned $17.4 billion to 8.7 million borrowers since 1983, most of them impoverished women.
“Globally, microfinance accounts for at least $60 billion in loans annually and has reached 135 million people, according to the World Bank, one reason Yunus’ accolades include the 2006 Nobel Peace Prize,” Fortune said.
#21 Afghanistan based Roshan Telecom
On Roshan, it said during the 2009 elections in Afghanistan, Taliban insurgents trained their weapons on cellphone towers belonging to Roshan, the country’s largest telecommunications provider.
It said 18 towers worth $14 million were bombed, but Roshan, founded by the Aga Khan Development Network in 2003, refused to pay the extortion money that would have protected them from such acts.
“Perhaps no other company on this list operates under such stress, and yet Roshan has become a foundational cornerstone for a new, developing Afghanistan,” it said.
Goal of the List
Fortune said the list is meant to “shine a spotlight on companies that have made significant progress in addressing major social problems as a part of their core business strategy.”
It is based on the belief that “capitalism should be not just tolerated but celebrated for its power to do good. At a time when governments are flailing, its powers are needed more than ever.”
The list includes some of the “most thoughtful leaders” in the corporate and nonprofit realms, as well as a number of scholars who bring both perspective and insight to the public discourse on business.
By YOSHITA SINGH, PTI Posted: Wednesday, September 9, 2015 11:00 am
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- India West | Jain Irrigation Systems Makes Fortune Magazine’s ‘Change the World’ List
- Fortune | Change the World 2015 List
- Shared Value Initiative | The Fortune Change the World List
- Shared Value Initiative | Who are the top companies changing the world
About “Change the World” List
Each year, Fortune ranks the world’s top companies and executives. This year, Fortune published its first ever Change the World list featuring companies doing well by doing good.
For Fortune’s first “Change the World” list, we’ve found 51 companies that have made a sizable impact on major global social or environmental problems as part of their competitive strategy.
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To assemble our list, the editors of Fortune and FSG, a nonprofit social-impact consulting firm, reached out to dozens of business, academic, and nonprofit experts around the world, asking for their recommendations.
Fortune and a joint team from FSG and the Shared Value Initiative then vetted more than 200 nominees. In their evaluation, four criteria were considered:
- the degree of business innovation involved,
- the measurable impact at scale on an important social challenge,
- the contribution of the shared-value activities to the company’s profitability and competitive advantage, and
- the significance of the shared value effort to the overall business.
A team of journalists from Fortune then further vetted each of the nominees and reported on their impact. The final list of 51 was selected and ranked by the editors of Fortune based on the magazine’s own reporting and by the analysis provided.
Roshan (Telecom Development Company Afghanistan Ltd) winner of several awards in Business Ethics and Corporate Social Responsibility (CSR), is Afghanistan’s leading total communications provider with over six million active subscribers and a network that covers over 240 cities and towns in all of the country’s 34 provinces.
Since inception in 2003, we have invested approximately $600 million in Afghanistan. To date, we are the country’s single largest investor and the largest taxpayer, contributing approximately 5% of the Afghan government’s overall domestic revenue. In addition, Roshan directly employs more than 1,100 people, of which, 19% are women, and provides indirect employment to more than 30,000 people. We are committed to providing training and developing opportunities to each and every employee, helping to cultivate the next generation of Afghan leaders and skilled employees.
Since beginning operations, Roshan has focused on providing the best in customer service and overall customer experience. Roshan was the first to open a 24/7 customer care center, open centers outside of Kabul to better serve its customers, and also the first to introduce an IVR system.
In addition, Roshan is the first company to have attained ISO-9001:2008 certification. The certification is the highest quality management recognized by the International Organization for Standardization (ISO). According to Roshan’s Chief Executive Officer Karim Khoja, “Roshan’s Customer Service Program owes its success to an unwavering dedication to quality and reliability—values that make Roshan’s Customer Service Program the best in Afghanistan and able to compete on a global scale.”
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